Queensland Government Invests in Crypto Startup to Boost Tourism in the Region

Queensland Government Invests in Crypto Startup to Boost Tourism in the Region

The state government of Queensland, a province in Australia, announced it will issue a grant of about $8.3Mln as part of Palaszczuk Government innovation funding, according to an official statement on Wednesday, August 1.

According to the announcement, TravelbyBit, a travel and tourism digital payments platform, is one of the 70 firms that will receive the funding which aims to support entrepreneurs in the province developing their startups.

TravelbyBit’s main aim is to boost the number of tourists visiting Central Queensland, through selling travel packages with cryptocurrency and creating more jobs by employing individuals. Kate Jones, Innovation Minister said:

“TravelbyBit has devised a clever way to make it easier for visitors to our state to pay for their purchases with a growing number of local businesses accepting cryptocurrency payments… I understand TravelbyBit is specifically targeting places like Bundaberg (along the Great Barrier Reef) – using cryptocurrency to make it easier for tourists to book holidays.”

Caleb Yeoh, CEO and co-founder of the startup, said the firm has entered a partnership agreement with BAC (Brisbane Airport Corporation) to launch a cryptocurrency-friendly airport, the first of its kind in the world. Additionally, the company has already arranged a blockchain-based point-of-sale system in major touristy towns in the region. According to the CEO, travelers can make payments in ETH, BTC, Dash, Litecoin, XEM, with BNB to be added soon. He said:

“We have more than 150 merchants across Australia using our system and this funding, to develop a purpose-built platform that will accept digital currencies from anywhere in the world, will allow us to add jobs not only directly to our team but also across the broader tourism industry.”

Earlier this year, the GNTB (German National Tourist Board) announced that it will accept cryptocurrencies as a form of payment for tourism services. Furthermore, Ireland introduced IrishCoin to boost the tourism industry in the country, way back in 2014.

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